The New York Rangers are worth an National Hockey League-high $1.5 billion as team values continue to rise, according to the latest estimate by Forbes, while the Edmonton Oilers clock in at $520-million, good for 12th place out of 31 on the list.

The Oilers’ value jumped $75 million from a year ago, when Forbes pegged the team’s value at $445 million.

In its annual list of franchise valuations, Forbes says the average NHL team is now worth $594 million, up 15 per cent from a year ago. It comes on the heels of Bill Foley’s group paying $500 million for the expansion Vegas Golden Knights, who come in 14th.

The Rangers lead the NHL for the third consecutive year. After the Rangers, the Toronto Maple Leafs are second at $1.4 billion, the Montreal Canadiens third at $1.25 billion and the Chicago Blackhawks fourth at $1 billion.

The Oilers’ provincial rival, the Calgary Flames, sit 19th on the list at $430 million, up from $410 million in 2016.

Among the other Canadian franchises, the Vancouver Canucks are eighth with a value of $730 million, up four per cent from the previous year, the Ottawa Senators are 20th at $420 million, and the Winnipeg Jets 26th at $375 million.

The back-to-back Stanley Cup-champion Pittsburgh Penguins come in 10th at $650 million. The Arizona Coyotes are last at $300 million.